Steffi Graf was the defending champion, and successfully defended her title, defeating Monica Seles 7–5, 6–4 in the final to win the Women's Singles title at the 1996 US Open. It was a rematch of the 1995 US Open final, where Graf defeated Seles in three sets. It also marked the final time Seles and Graf would play each other at the US Open.

This was the final Grand Slam appearance for former Grand Slam champion, Gabriela Sabatini, as she retired later that year. Sabatini was twice a finalist at the U.S Open. In the 1988 US Open final, Sabatini lost to Graf in three sets. Two years later, at the 1990 US Open, Sabatini defeated Graf in two sets to win her only Grand Slam title. This was also the final Grand Slam singles appearance for 1990 Wimbledon runner-up, fifteen time Grand Slam quarterfinalist and former World No. 4 Zina Garrison.

Chanda Rubin pulled out before the tournament began and her position in the draw was taken over by seventeenth-seeded Karina Habšudová, Rubin was replaced by lucky loser Annabel Ellwood; Mary Joe Fernández, who withdrew on the first day of the tournament, was replaced by lucky loser Tina Križan.